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MEL SMITH--LENDER OF THE MONTH

Military Families: Protect your Credit---NY, NJ, and CT Mortgage Tip

Monday, November 14, 2016 - Article by: MEL SMITH--LENDER OF THE MONTH - Meadowbrook Financial Mortgage Bankers - Message

If you are serving in the military, here are 3 tips that can ensure that you preserve your Good Credit standing.

Tip 1: Apply for a lower interest rate

The Service Members Civil Relief Act (SCRA) of 2003 prohibits active Service Members from being charged more than 6% interest on debt that was accrued before entering the military. This also applies to members in the reserves, before deployment. This rate affects credit cards and virtually all types of loans, including mortgages.

Tip 2: Lower moving expenses

Moving can become a very pricey endeavor. This is especially the case if you have to pay to suddenly break of a lease. If you're relocating to join the military, or because you are fulfilling a military responsibility, the SCRA provides assistance. You additionally may be eligible for a military "dislocation allowance" to pay for items that need to be replaced upon your relocation.

Tip 3: Create an active-duty alert on your credit report

An active-duty alert safeguards you from identity theft whilst serving. It necessitates potential creditors to take added measures to confirm that a credit application in your name is actually coming from you. To get started contact one of the three major credit bureaus -- Equifax, TransUnion and Experian -- to request the alert. The bureau you contact initially will inform the other two. You will need to provide documentation of your identity and active-duty status.

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